ROCKVILLE, Md., Jan. 20 /PRNewswire-FirstCall/ -- EntreMed, Inc. today announced that on January 19, 2010, it received a Staff Determination letter from the NASDAQ Stock Market (NASDAQ) stating that the Company has not regained compliance with the $1.00 minimum closing bid price requirement for continued listing under the NASDAQ Listing Rule 5450(a)(1), and that its common stock is, therefore, subject to delisting from the NASDAQ Capital Market. The letter states that, unless EntreMed requests a hearing before a NASDAQ Hearings Panel, the Company’s common stock would be subject to delisting from the NASDAQ Capital Market on January 28, 2010.
The Company has requested a hearing and expects to appeal the NASDAQ Staff’s Determination. Such request and hearing process will automatically stay any action to delist the Company’s securities from the NASDAQ Capital Market until such time as the hearing procedures have concluded.
About EntreMed
EntreMed, Inc. is a clinical-stage pharmaceutical company committed to developing primarily ENMD-2076, a selective angiogenic kinase inhibitor, for the treatment of cancer. ENMD-2076 is currently in Phase 1 studies in advanced cancers, multiple myeloma, and leukemia. The Company’s other therapeutic candidates include MKC-1, an oral cell-cycle regulator with activity against the mTOR pathway currently in multiple Phase 2 clinical trials for cancer, and ENMD-1198, a novel antimitotic agent currently in Phase 1 studies in advanced cancers. The Company also has an approved IND application for Panzem(R) in rheumatoid arthritis. Additional information about EntreMed is available on the Company’s web site at www.entremed.com and in various filings with the Securities and Exchange Commission.
CONTACT: Ginny Dunn, Associate Director, Corporate Communications &
Investor Relations, EntreMed, Inc., +1-240-864-2643
